Seller's Response

Once the seller's agent has presented your offer. The sellers have three options:

1. Accept it.
2. Reject it.
3. Counter it.

Option one, is easy. Everybody just begins completing their half of the contract and progressing towards closing.

Option two, is easy too. Not always easy to swallow, but easy to figure out. However, just because the sellers rejected the offer doesn't mean that you can't shoot them another one.

Option three, is negotiating. The seller's agent will draft a counter offer proposal and submit it to your agent. At that time, you have the option to:

1. Accept it.
2. Reject it.
3. Counter it.

Again the first two are easy. However, you may find that you would like to counter your seller's counter offer (I know! Sounds confusing…..that's why you're working with a Realtor.). Should you decide to continue negotiating with the sellers, most likely your Realtor will draft a NEW purchase agreement taking into account all of the negotiable concerns between your original offer, the seller's counter, and your current offer.

Statistically, this game of ping-pong doesn't continue long. Aren't you glad that you were pre-approved with your bank before jumping into negotiations?

Sooner or later, buyer and seller either agree or go their separate ways. If an agreement occurs, the next thing for the buyer to do is

1. Inform the bank. (Either you or your Realtor must forward a copy of the purchase agreement to your lender so they can begin underwriting your loan)

2. Once the bank is notified, you may want to consider lining up your…… page 6 of 10